FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2012

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

8. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following table summarizes the estimated fair values of the Company’s financial instruments as of December 31, 2012 and 2011:

	2012						2011
	Carrying Value			Fair Value			Carrying Value			Fair Value
Cash equivalents	$	306,604		$	306,604		$	27,711		$	27,711
Marketable securities	11,577			11,577			6,338			6,338
Long-term debt (as described in note 14)(1)	(11,015,625		)	(11,691,338		)	(6,651,011		)	(6,732,568		)

(1) Fair value measurement of long-term debt was estimated using the quoted market prices for the same or similar issues and other pertinent information available to management.

The following table summarizes the Company’s marketable securities by major security type as of December 31, 2012 and 2011:

	2012								2011
	Cost		Fair		Gross Unrealized				Cost		Fair		Gross Unrealized
	Basis		Value		Gains		Losses		Basis		Value		Gains		Losses
Corporate bonds	$	—	$	—	$	—	$	—	$	2,983	$	2,974	$	—	$	(9	)
Auction rate floating securities	7,166		7,167		1		—		—		—		—		—
Equity securities	4,031		4,410		379		—		1,730		3,364		1,634		—
	$	11,197	$	11,577	$	380	$	—	$	4,713	$	6,338	$	1,634	$	(9	)

As of December 31, 2012, the Company’s marketable securities had a maximum term to maturity of 34 years. Gross gains and losses realized on the sale of marketable debt securities were not material in the years ended December 31, 2012, 2011 or 2010.